Faber: Obama 'One of the Worst Presidents' Because Promised Changes Haven't Happened

Tuesday, 07 Jun 2011 02:10 PM
By Julie Crawshaw

Economist Marc Faber says President Barack Obama is "by far one of the worst presidents" the United States has ever had.

"I’m very upset that none of what he said he would do, mainly change, has actually occurred," Faber told Insider Monkey. "So I think he’s certainly intellectually dishonest."

"And he’s probably made the geopolitical situation worse and also the economic situation worse," said Faber, publisher of The Gloom, Boom and Doom report.

"And he’s actually vote-buying through handing out money and through increased transfer payments."

Faber's U.S. friends tell him they have to pay more and more tax for government officials to harass them and implement more and more regulation.

"And that of course is not a way to create prosperity," says Faber. "If you have a large corporation or a corporation, you are more likely to hire people outside the U.S. than in the U.S."

But Faber thinks real estate is reasonably priced now.

Faber notes that when governments print money, prices of assets such as houses initially go up too much before crashing and taking a long time to recover.

“I think that real estate value in America is reasonably cheap, but I don’t think that it will go up a lot,â€